Gold, Silver, Platinum – Silver Faced Strong Resistance Near $26.00

Key Insights

• Gold pulled back below the $2000 level. 
• Silver gained downside momentum after an unsuccessful attempt to settle above $26.00
• Platinum tested support at $1065.

Gold

Gold continues to consolidate below the $2000 level. Today, gold made an attempt to settle above $2000 but lost momentum as Treasury yields moved towards weekly highs.

In case gold declines below the $1980 level, it will head towards the next support level at $1960. On the upside, a move above $2000 will push gold towards the resistance at $2010.

R1:$2000 – R2:$2010 – R3:$2025

S1:$1980 – S2:$1960 – S3:$1935

Silver

Silver tried to test the $26.00 level but lost momentum and pulled back below $25.00. Banking crisis fears and higher Treasury yields served as negative catalysts for silver.

The nearest support level for silver is located at $24.65. In case silver declines below this level, it will head towards the support at $24.35. A move below $24.35 will push silver towards the support at $24.00.

R1:$24.65 – R2:$24.35 – R3:$24.00

S1:$25.00 – S2:$25.30 – S3:$25.60

Platinum

Platinum remained under pressure as traders focused on stronger dollar, rising yields, and problems of U.S. regional banks.

A move below the $1065 level will push platinum towards the support at $1050. In case platinum manages to settle below $1050, it will head towards the next support level at $1030.

R1:$1080 – R2:$1100 – R3:$1115

S1:$1065 – R2:$1050 – R3:$1030

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